FIZZ vs RAY: Correlation
Measured on weekly returns over the past three years, National Beverage Corp. (FIZZ) and Raytech Holding Limited (RAY) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIZZ and RAY?
On 3 years of weekly data the FIZZ/RAY correlation comes out at 0.30, moderate. The relationship has been stable: the 1-year correlation (0.20) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 1071.4 %².
Within FIZZ's tracked universe of 12 assets, RAY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FIZZ ahead by 69.0 points (-15.0% versus -84.0%). One caveat on sizing: RAY is 6.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FIZZ vs RAY: side by side
| FIZZ (National Beverage Corp.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | -15.0% | -84.0% |
| 5-year return | -9.3% | n/a |
| Volatility (ann.) | 24.4% | 146.1% |
| Beta vs S&P 500 | 0.36 | 0.37 |
| Max drawdown (3Y) | -41.3% | -97.7% |
| Market cap | $3.0B | – |
| P/E (trailing) | 16.8 | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FIZZ | RAY |
|---|---|---|
| 2022 | +2.6% | – |
| 2023 | +6.9% | – |
| 2024 | -8.0% | – |
| 2025 | -25.3% | -90.5% |
| 2026 | +12.6% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIZZ and RAY good diversifiers for each other?
Reasonably. At 0.30, FIZZ and RAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FIZZ and RAY?
As of 2026-08-27, the correlation of weekly returns between FIZZ and RAY is 0.30 over 3 years, 0.20 over 1 year and n/a over 5 years.
Is RAY a good diversifier for FIZZ?
Reasonably. At 0.30, FIZZ and RAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fizz-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fizz-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FIZZ correlations · RAY correlations
